Replying to Avatar Secretary Janet Yellen

Yet, gold cannot do the job. Silver won't separate money and state either. Both need centralized authorities, #Bitcoin doesn't.

On gold/silver, just another fiat (backed by metal) will take over the USD position, nothing will change, just the central issuers.
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a source familiar with the matter 2y ago

If it's backed by metal it's not fiat - you can express your lack of confidence in the issuer by redeeming the currency for the metal and peacefully withdrawing from the system

Fiat makes this peaceable withdrawal impossible (at least, not for everyone)

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Secretary Janet Yellen 2y ago

If it's backed by metal it means a central authority. You can peacefully withdrawn unless you get cheated by one of many trusted parties

https://decrypt.co/34033/chinese-firm-dumps-83-tonnes-of-fake-gold-on-the-market

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mrclownworld 2y ago

Fiat withdrawal is indeed impossible; metal withdrawal I think is simply impractical. Bitcoin withdrawal is trivial so I think it will keep blowing up the people who try to play ponzi games with it (exactly as it should).